Loans

Garden-State-Logistics-Center-Pennsville-Township

Affinius Capital Provides $180M Construction Loan for Southern New Jersey Industrial Project

by Taylor Williams June 13, 2023

PENNSVILLE TOWNSHIP, N.J. — Affinius Capital, which is a joint venture between San Antonio-based USAA Real Estate and New York-based Square Mile Capital Management, has provided a $180 million construction loan for Garden State Logistics Center, a 1.7 million-square-foot industrial development in Pennsville Township. The 282-acre site is located in the southern part of the Garden State along I-295 and adjacent to the Delaware Memorial Bridge. The development will feature separate 1.2 million-square-foot and 500,000-square-foot distribution buildings, both of which will feature 40-foot clear heights and a total of 2,568 car and trailer parking stalls and 276 dock doors. The borrower and developer is a joint venture between PGIM Real Estate and CTR Partners. Delivery is slated for the fourth quarter.

June 13, 2023

California Life Sciences Loans Western

PSRS Arranges $13.2M in Financing for Life Sciences Asset in Carlsbad, California

by Jeff Shaw June 13, 2023

CARLSBAD, CALIF. — PSRS has arranged a $13.2 million refinancing for a 47,000-square-foot life sciences property in Carlsbad. A growing start-up occupies the property. The undisclosed permanent lender was able to fund the loan prior to the tenant taking occupancy. The loan’s interest rate is fixed for seven years and amortized over a 30-year schedule. Pasha Johnson, Trevan Swierczewski and Daniel de Leon of PSRS arranged the refinancing.

June 13, 2023

Loans Multifamily North Carolina Southeast

PCCP Provides $57M Refinancing for Multifamily Community in Charlotte

by John Nelson June 12, 2023

CHARLOTTE, N.C. — PCCP LLC has provided a $57 million loan for the refinancing of Metro University City, a multifamily community located at 404 Gallop Lane in the University City neighborhood of Charlotte. Seth Grossman of Meridian Capital Group secured the financing on behalf of the undisclosed borrower, which acquired the property in September 2021. The community features 309 units across four buildings. Amenities at the property include a clubhouse, saltwater pool, fitness center, outdoor kitchen with grilling areas and a dog park and spa.

June 12, 2023

Loans Northeast Pennsylvania Retail

Prestige Group Arranges $42M Refinancing of Shopping Center Near Philadelphia

by Taylor Williams June 12, 2023

HUNTINGDON VALLEY, PA. — Pennsylvania-based finance and advisory firm Prestige Group has arranged $42 million for the refinancing of The Marketplace at Huntingdon Valley, a 259,000-square-foot shopping center located on the northwestern outskirts of Philadelphia. Grocer Weis Markets and LA Fitness anchor the center, which was built on 49 acres in 1993. Other tenants include Starbucks, Fine Wine & Good Spirits, Bertucci’s, Rite Aid, Dunkin,’ GNC and Hair Cuttery. Bob Cohen of Prestige Group arranged the financing, which consisted of a $25 million senior loan and a $17 million junior loan, through two undisclosed regional banks. The borrower was also not disclosed.

June 12, 2023

Loans Multifamily New York Northeast

BHI Provides $29.2M Construction Loan for Queens Multifamily Project

by Taylor Williams June 12, 2023

NEW YORK CITY — BHI, a full-service commercial bank that is the U.S. division of Israel’s Bank Hapoalim, has provided a $29.2 million construction loan for an 81-unit multifamily project that will be located at 138-45 Jamaica Ave. in Queens. About a third of the units will be reserved as affordable housing, although specific income restrictions were not disclosed, and the seven-story development will also include retail space. The borrower was an entity doing business as ZDJ Jamaica LLC. Completion is slated for the first quarter of next year.

June 12, 2023

Arizona Loans Retail Western

Gantry Arranges $53.4M Refinancing for The Village at Prasada Retail Center in Surprise, Arizona

by Jeff Shaw June 12, 2023

SURPRISE, ARIZ. — Gantry has arranged a $53.4 million permanent loan for the refinancing of the The Village at Prasada, a 700,000-square-foot, multi-phase retail center project in the Phoenix suburb of Surprise. The 7.5-year, fixed-rate loan will retire the construction debt for the first phase of the development, which comprises 308,640 square feet. Phase One was fully leased at the time of financing to tenants including Sprouts Farmers Market, Ross Dress for Less, HomeGoods, Marshalls, Ulta Beauty, Total Wine & More, PetSmart, T.J. Maxx and Floor & Décor. Tim Storey, Chad Metzger and Ryan Gross of Gantry secured the loan through an institutional global financial services firm on behalf of the undisclosed borrower.

June 12, 2023

Indiana Loans Midwest Multifamily Student Housing

BWE Arranges $36M Acquisition Loan for 796-Bed Student Housing Property at Indiana University

by Kristin Harlow June 12, 2023

BLOOMINGTON, IND. — Bellwether Enterprise (BWE) has arranged a $36 million loan for the acquisition of The Monroe, a 796-bed student housing property at Indiana University in Bloomington. Christopher Carroll and Max Miller of BWE arranged the loan on behalf of the borrower, Campus Realty Advisors, which plans to make upgrades to the community. According to BWE, Indiana University had record freshmen enrollment in 2022 with more than 10,200 students.

June 12, 2023

Development Florida Loans Multifamily Southeast

Belpointe OZ Secures $130M Construction Financing for Multifamily Project in Sarasota, Florida

by John Nelson June 9, 2023

SARASOTA, FLA. — Belpointe OZ has secured a $130 million construction loan for the development of Aster & Links, a multifamily project in Sarasota. Bank OZK provided the financing. Upon completion, Aster & Links will comprise 424 apartments across two 10-story buildings, with units in one-, two-, three- and four-bedroom layouts. Amenities at the community will include more than 900 parking spaces, a clubroom, fitness center, courtyard, heated saltwater pool and outdoor grills. A construction timeline was not disclosed.

June 9, 2023

Development Loans Multifamily North Carolina Southeast

Newmark Arranges $48M Construction Financing for Multifamily Development in Asheville

by John Nelson June 9, 2023

ASHEVILLE, N.C. — Newmark has arranged a $48 million construction loan for the development of Creekside Asheville, an apartment and townhome community in Asheville. Creekside Asheville will total 308,000 square feet and house 319 apartments and carriage homes. Amenities at the property will include a saltwater pool, fitness center, playground, clubhouse, cyber café and pet spa. Danny Matz, Nick Scribani, Jordan Roeschlaub and Dustin Stolly of Newmark secured the financing through Wintrust on behalf of the borrowers, URS Capital Partners and Advantis Development.

June 9, 2023

Acquisitions Loans Lument Oklahoma Seniors Housing Texas

Lument Arranges $10.7M Acquisition Loan for Seniors Housing Property in Oklahoma City

by Taylor Williams June 9, 2023

OKLAHOMA CITY — Lument has arranged a $10.7 million loan for the acquisition of Bellevue Health & Rehabilitation, a 119-unit, 150-bed skilled nursing facility in Oklahoma City. The loan carries a five-year term, with a minimum of two years of interest-only payments, 25-year amortization schedule and a fixed interest rate. Bill Wilson of Lument arranged the loan through an undisclosed community bank. The undisclosed borrower will use a portion of the proceeds to fund capital improvements.

June 9, 2023

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